OPENSEA SERIES
What is NFT Rarity and OpenRarity in OpenSea
This post will go over NFT Rarity Ranking and OpenRarity Ranking in OpenSea.
What is Rarity?
Rarity is a ranking or classification that describes the scarcity of one NFT’s attributes in comparison to another in the same collection. Compared to NFTs with shared attributes in the collection, an NFT with rare attributes has a lower rarity score.
Why do we need OpenRarity?
- Rarity rankings are generated by closed-sourced environments and are based on meta traits that do not exist on-chain. This may vary between publishers. There hasn’t been a single source of truth, which hurts both NFT producers and collectors.
- The industry incorporates the concepts of rarity, creator tiers, and market value, which impart worth to attributes or items independent of scarcity. However, these concepts are significant and should be distinguished.
- Tool providers frequently charge creators for rarity rankings, which creates an unfair playing field for projects with smaller budgets.
What is OpenRarity?
OpenRarity is an open, transparent, and reproducible standard for NFT rarity rankings. It is a collaborative effort by OpenSea, icy.tools, Curio, and PROOF.
Eligible collections on OpenSea display a numerical rarity ranking on the item page. We may view the percentage rating by hovering over the number. The creator-published attribute data is directly reflected in the OpenRarity rarity rankings, which are subject to change over time if the creator modifies the item’s metadata. The image below shows the OpenRarity rarity ranking.
The NFTs can be filtered depending on Rarity Rank and sorted by Most Rare. OpenSea offers both possibilities. Refer below images.
OpenRarity rarity rankings supports only the following properties:
- Only ERC721 or non-fungible items. Doesn’t support ERC1155 or semi-fungible items.
- Only string attributes. Doesn’t support number attributes.
- Attribute information should exists.
OpenSea suggests displaying rarity only if the collection is fully revealed and the item metadata will not be altered. Because If metadata is altered, it may affect rarity ranks and perplex users who anticipated a constant rarity.
References
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